Bendigo and Adelaide Bank, has taken the view that a class...

Bendigo and Adelaide Bank, has taken the view that a class action against it regarding loans made to investors in the now-defunct Great Southern is actually an unregistered managed investment scheme. Melbourne solicitor Ron Willemsen has rejected the allegation he and his firm Macpherson + Kelly are operating an MIS – an allegation which could see the case being referred to the Australian Securities & Investments Commission – or receiving third-party funding for its proposed action, the Herald Sun reports. Willemsen has argued for the loans to Great Southern investors to be voided on the grounds that the agribusiness had misrepresented its finances over some years.